Annual Report 1997 (1.5 MB PDF) - adidas Group
Annual Report 1997 (1.5 MB PDF) - adidas Group
Annual Report 1997 (1.5 MB PDF) - adidas Group
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60<br />
<strong>Report</strong> of the Supervisory Board<br />
In the course of the financial<br />
year the members of the<br />
Supervisory Board were regularly<br />
and extensively informed<br />
about the development of the<br />
Company and about fundamental<br />
matters relating to corporate<br />
strategy and business<br />
transactions of major importance<br />
by means of verbal and<br />
written reports from the Board<br />
of Directors. In five joint meetings<br />
with the Board of Directors,<br />
the prospects of the<br />
<strong>adidas</strong> <strong>Group</strong> as well as the<br />
current business development<br />
of the major <strong>Group</strong> companies<br />
were dealt with in detail.<br />
In addition to the responsibilities<br />
prescribed by law and<br />
the Articles of Association, the<br />
Supervisory Board acted in an<br />
advisory role in essential individual<br />
matters.<br />
Consolidated financial statements<br />
were drawn up in accordance<br />
with the requirements<br />
of German commercial<br />
law (HGB) and additional consolidated<br />
financial statements<br />
were prepared in compliance<br />
with International Accounting<br />
Standards (IAS). The auditors,<br />
KPMG Deutsche Treuhand-<br />
Gesellschaft, Aktiengesellschaft,Wirtschaftsprüfungsgesellschaft,<br />
Frankfurt/Main,<br />
have audited both consolidated<br />
financial statements as<br />
well as the financial statements<br />
of <strong>adidas</strong>-Salomon AG<br />
and the management report<br />
of <strong>adidas</strong>-Salomon AG combined<br />
with that of the <strong>Group</strong><br />
and issued unqualified opinions<br />
thereon. The financial<br />
statements, the management<br />
report as well as the audit<br />
reports of the auditors have<br />
been presented to the Supervisory<br />
Board.<br />
The Supervisory Board has<br />
examined the financial state-<br />
ments, the management report<br />
and the proposal submitted<br />
by the Board of Directors with<br />
respect to the appropriation of<br />
retained earnings and – as no<br />
objections have been raised –<br />
has approved the results of<br />
the audit.<br />
The financial statements for<br />
the year ended December 31,<br />
<strong>1997</strong> have been approved<br />
by the Supervisory Board.<br />
The Supervisory Board has<br />
expressed its agreement with<br />
the management report and<br />
especially with the outlook for<br />
the future development of the<br />
Company. The financial statements<br />
are thus approved.<br />
The proposal submitted by the<br />
Board of Directors with respect<br />
to the appropriation of retained<br />
earnings has been approved.<br />
Glenn Bennett, Herbert Hainer,<br />
Dean Hawkins, Erich Stammin-<br />
ger and Jan Valdmaa were<br />
appointed members of the<br />
Board of Directors at the<br />
meeting of the Supervisory<br />
Board on March 6, <strong>1997</strong>.<br />
At its meeting on September<br />
15, <strong>1997</strong> the Supervisory<br />
Board approved the acquisi-<br />
tion of Salomon S.A., a French<br />
corporation registered in<br />
Annecy, France, through the<br />
purchase by <strong>adidas</strong> of the<br />
Family Holding Company,<br />
Sport Développement S.C.A.,<br />
holding 39 per cent of the<br />
capital and 56 per cent of the<br />
voting rights in Salomon S.A.<br />
Immediately preceding the<br />
Extraordinary Shareholders`<br />
Meeting in Nuremberg on<br />
December 15, <strong>1997</strong>, the<br />
Supervisory Board extended<br />
the term of office of the Chairman<br />
of the Board of Directors,<br />
Robert Louis-Dreyfus, and<br />
that of Christian Tourres, who<br />
has been appointed Deputy<br />
Chairman of the Board of<br />
Directors, by another five<br />
years until 2003.<br />
At the same Supervisory Board<br />
meeting, it was proposed to<br />
appoint Jean-François Gautier,<br />
Chief Executive Officer of<br />
Salomon S.A., to the Board<br />
of Directors of <strong>adidas</strong>-Salomon<br />
AG.<br />
<strong>1997</strong> was another landmark<br />
year for <strong>adidas</strong>. We very<br />
much appreciate the work of<br />
the Board of Directors, the<br />
Management Boards of the<br />
<strong>Group</strong> companies, the Works<br />
Council and all employees<br />
and thank them all for their<br />
commitment to <strong>adidas</strong>.<br />
Herzogenaurach,<br />
March 4, 1998<br />
The Supervisory Board<br />
Henri Filho<br />
(Chairman)